The Real Estate Sources to the NBTV that with the Reserve Bank of India’s decision to hike the housing cost, the property developers issued a statement on TUESDAY that this burden will be further passed on by them to the Apartment buyers as they do not have any other recourse. The sources further added that according to Pradeep Jain, the Chairman of the Confederation of Real Estate Developers’ Association of India (CREDAI), the RBI’s decision have placed them in a very embarrassing situation. He further stated that this is a nasty association with regard to input price, scrounging cost and the land value, all at a higher level. The Chairman, CREDAI, further told the sources that this steep increase by the RBI makes them very uncomfortable in running their trade with regard to raising the finances. Notwithstanding, Pradeep Jain stated that the climb in the interest rates will in no way affect the real estate players in view of the dearth of shelters in the country.
top bank of the Country to desist from further increase in the fees as it creates a chaotic situation in the Real Estate Industry which will have a serious repercussion with regard to the monetary growth. It is also learnt through the sources that the interest costs are liable to shoot up which reflects on the real estate segment as the requests for housing will be dwindling and hence requested the Government to take instant remedial measures like lucidity and single window clearance arrangements.
The Reserve Bank of India, in its evaluation meeting, has decided to increase the interest charges by as many as 25 source points. The short-term lending (repo) and borrowing (reverse-repo) rates now stand at 8.5 percent and 7.5 percent, respectively.
Source: NIMMA BENGALURU
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